Renault Q3 revenues fall 6% on emerging markets, Iran retreat

TEHRAN, Oct. 23 (MNA) – French carmaker Renault reported a 6 percent drop in third-quarter revenue, hit by a downturn in emerging-market sales and the group’s withdrawal from Iran, Reuters reported.

Revenue fell to 11.48 billion euros ($13.16 billion) in the three months ended Sep. 30, Reuters quoted Renault as saying on Tuesday, with automotive division revenue down by a steeper 8.4 percent at 10.06 billion.

Renault's global vehicle registrations rose 2.9 percent in the quarter, boosted by a new commercial van partnership with China's Brilliance. Excluding the joint venture sales, Renault registrations outside Europe fell 10.4 percent.

The revenue performance missed analysts' expectations for 12.17 billion euros at group level and 10.92 billion in automotive, excluding the Russian Avtovaz business.

Renault nonetheless reiterated full-year guidance for 2018 including an increase in revenue, positive automotive free cash flow and a group operating margin above 6 percent.

Renault SA, although not selling cars in the US, announced its decision to pull out from Iran after the US withdrawal from the 2015 nuclear deal and re-imposition of sanctions against Iran. 

PSA and its French rival Renault were among the first European companies to sign deals with Iran after the implementation of the JCPOA. The two carmakers withdrew from Iran in 2012 when the country came under the Western sanctions.

MA/PR

News Code 138978

Tags

Your Comment

You are replying to: .
  • 3 + 11 =